Bulgaria : Accounting and Auditing

An assessment of accounting and auditing practices in Bulgaria is a part of the World Bank and the International Monetary Fund (IMF) joint initiative on reports on the Observance of Standards and Codes (ROSC). The assessment focused on the strength...

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Main Author:	World Bank
Format:	Accounting and Auditing Assessment (ROSC)
Language:	English en_US
Published:	Washington DC 2013
Subjects:	ACCOUNTING ACCOUNTING POLICIES ACCOUNTING STANDARDS ACCOUNTING TREATMENT AUDITING AUDITING STANDARDS AUDITORS AUDITS BALANCE SHEETS BANKING SECTOR BANKS CASH FLOWS CERTIFIED ACCOUNTANTS CERTIFIED PUBLIC ACCOUNTANT CERTIFIED PUBLIC ACCOUNTANTS CIVIL LIABILITY COMMERCIAL LAW COMPLIANCE OFFICERS CONSOLIDATED FINANCIAL STATEMENTS CORPORATE GOVERNANCE CREDIT RISK DEBT DISCLOSURE REQUIREMENTS ECONOMICS ENFORCEMENT MECHANISMS EXCHANGE COMMISSION EXTRAORDINARY ITEMS FINANCIAL ASSETS FINANCIAL AUDIT FINANCIAL INDICATORS FINANCIAL INFORMATION FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FINANCIAL REPORTING FOREIGN INVESTORS IIC INCOME STATEMENTS INDEPENDENCE REQUIREMENTS INITIAL PUBLIC OFFERING INSTITUTIONAL FRAMEWORK INSTITUTIONAL INVESTORS INSURANCE INSURANCE COMPANIES INTERESTED PARTIES INTERESTS OF MINORITY SHAREHOLDERS INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL STANDARDS JOINT STOCK JOINT STOCK COMPANIES LAWS LEGAL ENTITY LEGISLATION LEGISLATIVE FRAMEWORK LIMITED LIMITED LIABILITY LIMITED LIABILITY COMPANIES LIQUIDITY LOAN LOSS PROVISIONS MANAGERS MARKET ECONOMY MASS PRIVATIZATION MASS PRIVATIZATION PROGRAM MEMBER STATE NATIONAL BANK NET PROFIT OPERATING REVENUE PARENT COMPANY PENALTIES PENSION FUNDS PERSONS POLITICAL CLOUT PRIVATE SECTOR PRIVATIZATION PRIVATIZATION PROGRAM PROTECTION OF INVESTORS PRUDENTIAL SUPERVISION PUBLIC COMPANY PUBLIC INTEREST PUBLIC OFFERING RATING AGENCIES REGULATORY AGENCY SECURITIES SECURITIES REGULATION SHAREHOLDER SHAREHOLDERS SOCIETY SOLE PRACTITIONER SOLE PRACTITIONERS STAKEHOLDER STAKEHOLDERS STOCK EXCHANGE SUBSIDIARIES TAX ADMINISTRATION TAX COMPLIANCE TAXATION TECHNICAL ASSISTANCE TRANSPARENCY UNION UNIVERSITIES WESTERN EUROPE
Online Access:	http://documents.worldbank.org/curated/en/2002/12/7454554/bulgaria-report-observance-standards-codes-rosc-accounting-auditing http://hdl.handle.net/10986/14558

id	okr-10986-14558
recordtype	oai_dc
spelling	okr-10986-145582021-04-23T14:03:16Z Bulgaria : Accounting and Auditing World Bank ACCOUNTING ACCOUNTING POLICIES ACCOUNTING STANDARDS ACCOUNTING TREATMENT AUDITING AUDITING STANDARDS AUDITORS AUDITS BALANCE SHEETS BANKING SECTOR BANKS CASH FLOWS CERTIFIED ACCOUNTANTS CERTIFIED PUBLIC ACCOUNTANT CERTIFIED PUBLIC ACCOUNTANTS CIVIL LIABILITY COMMERCIAL LAW COMPLIANCE OFFICERS CONSOLIDATED FINANCIAL STATEMENTS CORPORATE GOVERNANCE CREDIT RISK DEBT DISCLOSURE REQUIREMENTS ECONOMICS ENFORCEMENT MECHANISMS EXCHANGE COMMISSION EXTRAORDINARY ITEMS FINANCIAL ASSETS FINANCIAL AUDIT FINANCIAL INDICATORS FINANCIAL INFORMATION FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FINANCIAL REPORTING FOREIGN INVESTORS IIC INCOME STATEMENTS INDEPENDENCE REQUIREMENTS INITIAL PUBLIC OFFERING INSTITUTIONAL FRAMEWORK INSTITUTIONAL INVESTORS INSURANCE INSURANCE COMPANIES INTERESTED PARTIES INTERESTS OF MINORITY SHAREHOLDERS INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL STANDARDS JOINT STOCK JOINT STOCK COMPANIES LAWS LEGAL ENTITY LEGISLATION LEGISLATIVE FRAMEWORK LIMITED LIMITED LIABILITY LIMITED LIABILITY COMPANIES LIQUIDITY LOAN LOSS PROVISIONS MANAGERS MARKET ECONOMY MASS PRIVATIZATION MASS PRIVATIZATION PROGRAM MEMBER STATE NATIONAL BANK NET PROFIT OPERATING REVENUE PARENT COMPANY PENALTIES PENSION FUNDS PERSONS POLITICAL CLOUT PRIVATE SECTOR PRIVATIZATION PRIVATIZATION PROGRAM PROTECTION OF INVESTORS PRUDENTIAL SUPERVISION PUBLIC COMPANY PUBLIC INTEREST PUBLIC OFFERING RATING AGENCIES REGULATORY AGENCY SECURITIES SECURITIES REGULATION SHAREHOLDER SHAREHOLDERS SOCIETY SOLE PRACTITIONER SOLE PRACTITIONERS STAKEHOLDER STAKEHOLDERS STOCK EXCHANGE SUBSIDIARIES TAX ADMINISTRATION TAX COMPLIANCE TAXATION TECHNICAL ASSISTANCE TRANSPARENCY UNION UNIVERSITIES WESTERN EUROPE An assessment of accounting and auditing practices in Bulgaria is a part of the World Bank and the International Monetary Fund (IMF) joint initiative on reports on the Observance of Standards and Codes (ROSC). The assessment focused on the strengths and weaknesses of the accounting and auditing environment that influences the quality of corporate financial reporting. It used the International Accounting Standards (IAS) and the International Standards of Auditing (ISA) as benchmarks. It involved a review of both mandatory requirements and actual practices. The report has found that the transition to full IAS compliance will be demanding. It requires extensive education in a different style and philosophy of accounting requirements. The transition is made all the more difficult by the decision to require all entities to comply with IAS. This is a much greater burden than applies in any EU Member State. Finally, the transition to full IAS may face considerable push back from regulators who fail to differentiate between general purpose and regulatory financial statements. There is currently no effective enforcement of compliance with national accounting standards and there are conflicting opinions about the effectiveness of the audit quality control reviews carried out by the Institute of Certified Public Accountants of Bulgaria (ICPAB). This report draws upon recent international experience in developed economies and recommends that the current self-regulation of the audit profession should be reviewed and an adequate oversight mechanism established. 2013-07-25T14:51:45Z 2013-07-25T14:51:45Z 2002-12-16 http://documents.worldbank.org/curated/en/2002/12/7454554/bulgaria-report-observance-standards-codes-rosc-accounting-auditing http://hdl.handle.net/10986/14558 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Washington DC Economic & Sector Work :: Accounting and Auditing Assessment (ROSC) Economic & Sector Work Europe and Central Asia Bulgaria
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English en_US
topic	ACCOUNTING ACCOUNTING POLICIES ACCOUNTING STANDARDS ACCOUNTING TREATMENT AUDITING AUDITING STANDARDS AUDITORS AUDITS BALANCE SHEETS BANKING SECTOR BANKS CASH FLOWS CERTIFIED ACCOUNTANTS CERTIFIED PUBLIC ACCOUNTANT CERTIFIED PUBLIC ACCOUNTANTS CIVIL LIABILITY COMMERCIAL LAW COMPLIANCE OFFICERS CONSOLIDATED FINANCIAL STATEMENTS CORPORATE GOVERNANCE CREDIT RISK DEBT DISCLOSURE REQUIREMENTS ECONOMICS ENFORCEMENT MECHANISMS EXCHANGE COMMISSION EXTRAORDINARY ITEMS FINANCIAL ASSETS FINANCIAL AUDIT FINANCIAL INDICATORS FINANCIAL INFORMATION FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FINANCIAL REPORTING FOREIGN INVESTORS IIC INCOME STATEMENTS INDEPENDENCE REQUIREMENTS INITIAL PUBLIC OFFERING INSTITUTIONAL FRAMEWORK INSTITUTIONAL INVESTORS INSURANCE INSURANCE COMPANIES INTERESTED PARTIES INTERESTS OF MINORITY SHAREHOLDERS INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL STANDARDS JOINT STOCK JOINT STOCK COMPANIES LAWS LEGAL ENTITY LEGISLATION LEGISLATIVE FRAMEWORK LIMITED LIMITED LIABILITY LIMITED LIABILITY COMPANIES LIQUIDITY LOAN LOSS PROVISIONS MANAGERS MARKET ECONOMY MASS PRIVATIZATION MASS PRIVATIZATION PROGRAM MEMBER STATE NATIONAL BANK NET PROFIT OPERATING REVENUE PARENT COMPANY PENALTIES PENSION FUNDS PERSONS POLITICAL CLOUT PRIVATE SECTOR PRIVATIZATION PRIVATIZATION PROGRAM PROTECTION OF INVESTORS PRUDENTIAL SUPERVISION PUBLIC COMPANY PUBLIC INTEREST PUBLIC OFFERING RATING AGENCIES REGULATORY AGENCY SECURITIES SECURITIES REGULATION SHAREHOLDER SHAREHOLDERS SOCIETY SOLE PRACTITIONER SOLE PRACTITIONERS STAKEHOLDER STAKEHOLDERS STOCK EXCHANGE SUBSIDIARIES TAX ADMINISTRATION TAX COMPLIANCE TAXATION TECHNICAL ASSISTANCE TRANSPARENCY UNION UNIVERSITIES WESTERN EUROPE
spellingShingle	ACCOUNTING ACCOUNTING POLICIES ACCOUNTING STANDARDS ACCOUNTING TREATMENT AUDITING AUDITING STANDARDS AUDITORS AUDITS BALANCE SHEETS BANKING SECTOR BANKS CASH FLOWS CERTIFIED ACCOUNTANTS CERTIFIED PUBLIC ACCOUNTANT CERTIFIED PUBLIC ACCOUNTANTS CIVIL LIABILITY COMMERCIAL LAW COMPLIANCE OFFICERS CONSOLIDATED FINANCIAL STATEMENTS CORPORATE GOVERNANCE CREDIT RISK DEBT DISCLOSURE REQUIREMENTS ECONOMICS ENFORCEMENT MECHANISMS EXCHANGE COMMISSION EXTRAORDINARY ITEMS FINANCIAL ASSETS FINANCIAL AUDIT FINANCIAL INDICATORS FINANCIAL INFORMATION FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FINANCIAL REPORTING FOREIGN INVESTORS IIC INCOME STATEMENTS INDEPENDENCE REQUIREMENTS INITIAL PUBLIC OFFERING INSTITUTIONAL FRAMEWORK INSTITUTIONAL INVESTORS INSURANCE INSURANCE COMPANIES INTERESTED PARTIES INTERESTS OF MINORITY SHAREHOLDERS INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL STANDARDS JOINT STOCK JOINT STOCK COMPANIES LAWS LEGAL ENTITY LEGISLATION LEGISLATIVE FRAMEWORK LIMITED LIMITED LIABILITY LIMITED LIABILITY COMPANIES LIQUIDITY LOAN LOSS PROVISIONS MANAGERS MARKET ECONOMY MASS PRIVATIZATION MASS PRIVATIZATION PROGRAM MEMBER STATE NATIONAL BANK NET PROFIT OPERATING REVENUE PARENT COMPANY PENALTIES PENSION FUNDS PERSONS POLITICAL CLOUT PRIVATE SECTOR PRIVATIZATION PRIVATIZATION PROGRAM PROTECTION OF INVESTORS PRUDENTIAL SUPERVISION PUBLIC COMPANY PUBLIC INTEREST PUBLIC OFFERING RATING AGENCIES REGULATORY AGENCY SECURITIES SECURITIES REGULATION SHAREHOLDER SHAREHOLDERS SOCIETY SOLE PRACTITIONER SOLE PRACTITIONERS STAKEHOLDER STAKEHOLDERS STOCK EXCHANGE SUBSIDIARIES TAX ADMINISTRATION TAX COMPLIANCE TAXATION TECHNICAL ASSISTANCE TRANSPARENCY UNION UNIVERSITIES WESTERN EUROPE World Bank Bulgaria : Accounting and Auditing
geographic_facet	Europe and Central Asia Bulgaria
description	An assessment of accounting and auditing practices in Bulgaria is a part of the World Bank and the International Monetary Fund (IMF) joint initiative on reports on the Observance of Standards and Codes (ROSC). The assessment focused on the strengths and weaknesses of the accounting and auditing environment that influences the quality of corporate financial reporting. It used the International Accounting Standards (IAS) and the International Standards of Auditing (ISA) as benchmarks. It involved a review of both mandatory requirements and actual practices. The report has found that the transition to full IAS compliance will be demanding. It requires extensive education in a different style and philosophy of accounting requirements. The transition is made all the more difficult by the decision to require all entities to comply with IAS. This is a much greater burden than applies in any EU Member State. Finally, the transition to full IAS may face considerable push back from regulators who fail to differentiate between general purpose and regulatory financial statements. There is currently no effective enforcement of compliance with national accounting standards and there are conflicting opinions about the effectiveness of the audit quality control reviews carried out by the Institute of Certified Public Accountants of Bulgaria (ICPAB). This report draws upon recent international experience in developed economies and recommends that the current self-regulation of the audit profession should be reviewed and an adequate oversight mechanism established.
format	Economic & Sector Work :: Accounting and Auditing Assessment (ROSC)
author	World Bank
author_facet	World Bank
author_sort	World Bank
title	Bulgaria : Accounting and Auditing
title_short	Bulgaria : Accounting and Auditing
title_full	Bulgaria : Accounting and Auditing
title_fullStr	Bulgaria : Accounting and Auditing
title_full_unstemmed	Bulgaria : Accounting and Auditing
title_sort	bulgaria : accounting and auditing
publisher	Washington DC
publishDate	2013
url	http://documents.worldbank.org/curated/en/2002/12/7454554/bulgaria-report-observance-standards-codes-rosc-accounting-auditing http://hdl.handle.net/10986/14558
_version_	1764427691409276928

Bulgaria : Accounting and Auditing

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